Major changes are coming for IDW Publishing. In addition to delisting from the New York Stock Exchange, the comic book publisher’s parent company, IDW Media Holdings, is making some substantial changes to its workforce.
IDW Media Holdings, the home to IDW Publishing and an entertainment division behind television shows such as Locke & Key and Wynonna Earp, announced that it would go through some dramatic cost-cutting measures. DW is no longer listed on the New York Stock Exchange and is cutting well over a third of its workforce. The company is also making changes to its senior management. IDW’s entertainment division is being considerably downsized, with most of the team being let go, including division head and Executive Vice President Paul Davidson. Head of publishing, Nachie Marsham, is similarly being let go, as is the company’s COO Brooke Feinstein. Davidi Jonas, son of IDW chairman, Howard Jonas, will also replace the current CEO, Allan Graffman. The layoffs are expected to impact nearly 39% of IDW’s workforce.
IDW Makes Cost-Saving Moves With Dramatic Changes
IDW Publishing is one of the biggest comic book companies on the market. The publisher is well-known for its many licensed comic adaptations of beloved franchises, such as Sonic the Hedgehog, Transformers, Star Trek, and Teenage Mutant Ninja Turtles. In addition to its licensed works, IDW has a number of comic book imprints under its belt such as Blue Dream Studios, EA Comics, Sunday Press Books, and Top Shelf Productions. The company has also successfully had many of its more popular original works adapted into television shows and feature films, such as 30 Days of Night, Wynonna Earp, and Locke & Key.
While IDW has said in a press release that these actions are meant to help the company going forward, it’s a little alarming to see such a dramatic overhaul happen so quickly. Several divisions are being slimmed down to skeleton crews or are being eliminated completely. While the majority of IDW’s workforce is still around, it’s no doubt a scary time seeing nearly two-fifths of the company essentially disappear overnight. With so many rapid alterations, it’s a serious question of whether IDW Publishing will be able to survive this storm.
Is IDW Publishing Going to be Okay?
While businesses have been through worse and survived, it’s hard to look at these developments with optimism. Comic book companies have a history of the worst-case scenario coming true when dire situations arise. Not only will these cost-saving measures affect IDW’s output, but they’ll almost certainly impact the morale of the remaining workforce. While there’s still a chance that IDW can come out of this ahead, it’s going to be a long road and there may be more hard decisions those running the company will have to make. Despite the radical changes it’s experiencing, IDW Publishing is still around for the time being, and it will hopefully stay that way.
